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Governance

The Financial Conduct Authority (FCA) today entered into a co-operation agreement with the Securities and Futures Commission (SFC) in Hong Kong to foster collaboration in support of financial technology (Fintech) innovation.

The son of a Russian lawmaker has been sentenced to 27 years in a US prison for hacking into retail POS systems and stealing millions of credit card numbers which he then sold on to other crooks.

The Securities and Exchange Commission has charged two former iPayment executives with a scheme that allegedly saw them manipulate the credit card processing firm's accounting systems to steal millions of dollars.

US bank lobby group The Clearing House has called for an overhaul of how its members deal with AML requirements, arguing that they should spend less time and money on submitting suspicious activity reports and instead concentrate on using more innovative methods to thwart money laundering and terrorist financing.

The UK's Financial Conduct Authority (FCA) has called for an international regulatory framework to be applied to fintech startups in order to prevent a 'Wild West' approach to governance of the sector.

A US Federal Reserve governor has poured cold water on the prospect of central bank-issued digital currencies, saying that they raise serious security and privacy concerns and could become a prime target for crooks.

Bank regulatory bodies need to co-ordinate their strategies for dealing with emerging financial technology at a global level, says a new report from International Organization of Securities Commissions (Iosco).

Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, has written to Rt Hon. Philip Hammond MP, Chancellor of the Exchequer, about cybersecurity in the financial services sector. Commenting on the correspondence, Mr Tyrie said: “The lines of responsibility and accountability for reducing cyber threats remain opaque.

The UK's Financial Conduct Authority (FSA) has inked a deal with the Ontario Securities Commission (OSC) designed to make it easier for fintech startups from each market to gain access to the other.

Fintech firms should welcome, not fear, regulation because it is in their interest to have an "established framework" in which to operate, says the president of the Federal Reserve Bank of Philadelphia.

A Russian hacker accused of helping to develop and maintain the notorious Citadel malware toolkit, which was used to steal more than $500 million from bank accounts, faces up to 10 years in a US prison after pleading guilty to computer fraud.
Having been extradited from Norway in December, this week Mark Vartanyan (who went by the online handle 'Kolypto') pleaded guilty in an Atlanta court. He will be sentenced in June.

Digital currencies such as Bitcoin will not be safe without government intervention and are likely to be counterfeited, according to a Bank of Canada report drawing on the lessons off private bank notes in the 1800s.

The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG (Deutsche Bank) £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015.

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